Mod Kit
Mod Kit
Lowering Your Workers Comp Experience Mod Factor
There are three factors used to calculate your workers' compensation premium.
1. the rate assigned to each payroll classification in your business,
2. the total amount of your payroll for each classification,
3. and your experience modification factor.
Calculate your workers' compensation premium using the formula:
payroll classification X $100 of payroll X experience modification factor = premium
The only one of these three factors you can reduce without reducing your staffing, is the experience modification factor, often referred to as the "mod" or "experience mod." The amount of risk assigned to each payroll classification is calculated either by the National Council on Compensation Insurance (NCCI) or your state department of insurance. The amount of payroll is a variable in the premium calculations but the wise employer staffs as needed as the workers' compensation premiums should not be the determining factor in your employment of someone. (WCxKit)
The question then becomes "How can we lower our mod?" First you must understand:
1. The mod is a numeric representation of the claim history of your business.
2. It represents the last three years of claim payments made on your behalf. The mod assigned to your business job classifications is a comparison of your claims record to that of all other employers in your state with the same job classification code(s).
If your claim history and claim payments are higher than average, your mod will be higher than average (1.00) and your workers' comp premium will be higher than average. Conversely, if your claim payments and claim history is better than average, your mod will be lower than average and your workers' comp premium will be lower than average.
Here are some examples of how this works when your claims history for a job classification code is 20% better and when it is 20% worst than other employers in your state with the same job classification codes.
Class Code Payroll Rate/$100 Mod Premium
1234 $100,000 $15.00 .80 $12,000.00
$100,000 $15.00 1.00 $15,000.00
$100,000 $15.00 1.20 $18,000.00
There are several excellent ways the smart employer can reduce their mod. These include:
1. A return-to-work program
2. A strong safety program
3. Never using uninsured subcontractors
4. Verifying every employee is properly classified
5. Become part of a group rating
A Return-to-Work Program
A properly designed return- to-work program will have a major impact on your workers' compensation cost. When the injured worker returns to light duty or modified duty work, the cost of the workers' comp claim can be greatly reduced.
For example, the injured worker sustains a back injury. The injured workers' comp rate is $500 per week and it will take 20 weeks for the employee to recover fully from the injury. The employee's supervisor makes the decision that he does not want to be bothered with having an employee on light duty and refuses to take the employee back. The employee will receive $10,000 ($500 x 20) in indemnity benefits that will be included in the mod calculations for the next three premium years.
If the Risk Manager makes the decision by having in place a mandatory return-to-work program, the employee will work light duty during medical recovery. The $10,000 potentially paid in indemnity benefits is saved. Also, while the injured employee may not be contributing his full production capability, the employee is still producing some value to the company.
However, the biggest impact of the return-to-work program on the claim history is $10,000 lower and the lower amount of claim payments is utilized in the calculation of the mod for the next three premium years.
A Strong Safety Program
A safe worksite is key to reducing your mod. A strong safety program results in fewer accidents and fewer injuries. With fewer injuries, the claim payment history is lower. The lower the claim payment history, the lower the mod and the lower the workers' comp insurance premium.
If your safety program is not top-notch, please contact us in regards to our safety kit. You can also hire safety consultants who are trained to identify safety hazards. Implement the recommended safety changes and mandate safety training for all employees.
Never Use Uninsured Subcontractors
A common mistake made by employers, especially in the construction fields, is to use subcontractors without confirming they have the proper workers' comp insurance. A subcontractor is covered by your workers' comp insurance if the subcontractor is injured while working for you and does not have his own workers' comp insurance coverage. This will increase the premium your company will owe at the year-end premium audit and it will increase your company's mod for the next three policy years. It is well worth the effort to document the workers' comp coverage of every subcontractor your company hires.
Reviewing Your Classifications
If your clerical person (or insurance broker) thought it would be easier to classify all your employees as warehouse workers, rather than to take time to classify properly every employee, your workers' comp premiums and your mod will be all out of whack. The overall loss experience of your company compared to the claim history of warehouse workers in general could result in your mod being lower or higher than it should be. A careful review of the classifications for every employee type in your company could result in significant savings to your company (or an increase in your premiums, but you avoid committing fraud by declassifying your employees).
Become a Part of a Group Rating
Many insurers offer group discounts to recognized groups. The effect of the group discounts on your mod is due to most rating groups not your company if your loss experience is higher than average. Normally new companies are not allowed into a group rating as three years of loss experience is needed to calculate the mod. Before joining a group for the benefit of the group mod, be sure the group mod is lower than the mod your company has on its own. (WCxKit)
Summary
The only real way to lower your workers' compensation premium is to lower your experience modification factor or mod. The best ways to lower your mod include having a mandatory return-to-work program in place, a strong safety program, never using uninsured subcontractors, verifying your classification codes are correct and joining a group rating when it is beneficial to do so.
Visit LowerWC.com for more information and other cost cutting tips.
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers' comp issues.
©2010 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law. If you would like permission to reprint this material, contact Info@WorkersCompKit.com.
About the Author
Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers' Compensation costs, including airlines, health care, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. He can be contacted at: Info@ReduceYourWorkersComp.com or 860-553-6604.
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Xbox 360 Mod Chip - What Is It And Should You Buy One?
As a serious gamer myself, I love to see games before they hit our shores here in North America. But more than that, I am always looking for the hottest and most unique games I can get my hands on. Unfortunately, many of those games just don't come to our side of the ocean from Japan. Typically, since the days of the original Nintendo NES, Japanese gamers have enjoyed much more unique and often times much better games than their North American Counter Parts. I've been very fortunate to be able to play many of these Japanese games while I was living in Japan, but when I returned back home to Canada, I simply could not find many of the games that I had played with such pleasure while in Japan. So I searched and researched and found exactly what I needed to be able to just put those Japanese games into game console and really start playing again. What I found was a Mod Chip, for my Playstation console. And I've been using mod chips ever since then. Having most recently purchased and installed my Xbox 360 Mod Chip into my system – and I've got games from Japan on the way.
So Just what IS a mod chip? Let me explain. A modification chip or mod chip is a device used to play import, backup, or home brew games. Mod Chips first came into "fame" when die hard, hard core gamers who were tired of the slim offerings that were made available for them in the USA, wanted to get their hands on the often better and more unique Japanese games that were coming out for their game console. This is nothing new, even the Nintendo NES has a device that allowed gamers to plug Japanese Famicom cartridges into their USA NES system so that they could play those really unique Japanese games, or the latest Mario offering that was only available (or came out much sooner) in Japan.
Mod chips are available for all the major video game consoles, including the Xbox 360, Xbox, Sony PSP, PlayStation, Playstation 2 and GameCube. Almost all modern console gaming systems have hardware-based schemes which ensure that only officially sanctioned games may be used with the system and implement regional lockout similar to the scheme used in DVD movies. The specific technical nature of these DRM systems varies by system, and may include cryptographic signing (Xbox), intentionally unreadable sectors (PlayStation, Sega Saturn), custom optical media (GameCube, Dreamcast), or some combination thereof. Modchips are available also for some DVD players, to defeat region code enforcement and user operation prohibitions.
Mod Chips first came into "fame" when die hard, hard core gamers who were tired of the slim offerings that were made available for them in the USA, wanted to get their hands on the often better and more unique Japanese games that were coming out for their game console. This is nothing new, even the Nintendo NES has a device that allowed gamers to plug Japanese Famicom cartridges into their USA NES system so that they could play those really unique Japanese games, or the latest Mario offering that was only available (or came out much sooner) in Japan.
Modchips typically require some level of technical ability to install. Most commonly, modchips must be soldered on to a console's motherboard, although there are no-solder install kits (which instead rely on the precise positioning of electrical contacts within the case) which work with some revisions of the PlayStation 2 and Xbox hardware.
As console systems got better and better, a whole following of home brew developers starting making their own software for their consoles. Software like the Xbox Media Center (XMBC) as well as their own little games and programs to stream video and audio. But in order to play / run this software, users are required to be able to load unsigned / home brew code onto their system. This is where mod chips come in. Not only do they allow you to play the latest game offerings from Japan, which as stated earlier, are often much better both graphically and in the way of originality than the games that are for the North American market.
As with any new system, and the new mod chips that first come out – we're always hit with loads of "compatibility" issues. Much like when the ps2 mod chip first came out, they had chips (different chips) for each "version" of the ps2 console. And the Xbox 360 mod chips are no exception. The very first chips that came out were for very specific "versions" of the XBox 360. First it was a mod chip for the Samsung drives .. Which means that if your XBox 360 had a samsung DVD drive, then you needed to buy an Xbox 360 mod chip that worked on the SAMSUNG drive, to bypass the current firmware.
Then the Team Underdog chip came out, this chip had 2 versions. One for the samsung drives, and another one for the LG/Hitachi Drives. So again, you were "stuck" having to find out exactly which Xbox 360 you had, in order to select the right chip for your console.
Now, as with most developments in the mod chip manufacturing world, eventually, some very smart programmers and developers finally get it right. Naturally, it is common sense to assume that customers would be much more likely to buy a mod chip for their Xbox 360 is they could do away with the "version" checking, and buy a chip that they KNOW will work in their Xbox 360 console… Of course, when they take it apart after receiving their chip, they WILL have to find out which model they have so they can use the right installation directions – but they don't have to fret or worry that the chip they have purchased may NOT be compatible with their XBox 360.
Much like any product, customers want the peace of mind of knowing that what they are buying will simply just WORK, and in the case of mod chips, will work in their Xbox 360 console regardless of the version of the Xbox 360 that they purchased.
In comes the Globe 360 Xbox 360 Mod Chip. The Globe 360 is the world's First Xbox 360 mod chip that is compatible with ALL DVD Drives currently on the market! Rather than having to figure out which model drive you have, as you do with other chips, the Globe360 Xbox 360 Mod chip works in ANY drive model to date. And the home brew software that is available is outstanding – and I expect it to get a whole lot better. My Xbox already acts as a complete media center, even streaming Google Videos directly from the Internet. And my Playstation 2 has been transformed from just an awesome games machine to a DVD Player, DivX Player, MP3 Player, and streaming content directly to the console from the Internet makes it something that I could not do without.
To sum it up, if you have an Xbox 360, then you should really consider getting an Xbox 360 mod chip. Not only will you be able to protect your expensive investments by making backup copies of your own original games, and putting the originals away for safe keeping, but you'll also open up a whole new world of games that you simply would not be able to play otherwise. There are truly very unique (and playable) Japanese games that we'll simply never see otherwise. And if home brew or cool utilities, applications or add-ons are your thing, then having a mod chip is an absolute must.
About the Author
Steve Fields is an avid gamer and writes game reviews and provides customer support for
Xbox 360 Mod Chip
customers at
http://www.xboxmodchip.com
The online Xbox Mod Chip store.
He has written numerous tutorials and help guides on do it yourself moddding of game consoles.
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